Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Take me to the text Banner Wedding Planners unadjusted trial balance at the end of December 2021 is presented below. Adjusting entries have not yet
Take me to the text
Banner Wedding Planners unadjusted trial balance at the end of December 2021 is presented below. Adjusting entries have not yet been made for the year. Use the trial balance and the information below to complete the worksheet.
Dec 31 | Services were provided worth $420, to be paid next month. |
Dec 31 | The equipment was purchased at the beginning of the year and is expected to last four years with no residual value. |
Dec 31 | Of the balance of unearned revenue, $480 has been earned. |
Dec 31 | The amount in prepaid insurance is for an annual policy that was paid on September 1, 2021. |
Required
Using the following trial balance, complete the adjustments, the adjusted trial balance, income statement, and balance sheet in the worksheet.
Do not enter dollar signs or commas in the input boxes.
Banner Wedding Planners Worksheet December 31, 2021 | ||||||||||
Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||
Account | DR | CR | DR | CR | DR | CR | DR | CR | DR | CR |
Cash | 1,300 | Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| Answer | |
Accounts Receivable | 3,100 | Answer
| Answer | Answer
| Answer | Answer | Answer | Answer
| Answer | |
Prepaid Insurance | 1,800 | Answer | Answer
| Answer
| Answer | Answer | Answer | Answer
| Answer | |
Equipment | 6,300 | Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| Answer | |
Accumulated Depreciation | 0 | Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | Answer
| |
Accounts Payable | 2,700 | Answer | Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| |
Unearned Revenue | 1,300 | Answer
| Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| |
Bank Loan | 1,100 | Answer | Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| |
Banner, Capital | 1,600 | Answer | Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| |
Banner, Withdrawals | 1,100 | Answer | Answer | Answer
| Answer | Answer | Answer | Answer
| Answer | |
Service Revenue | 11,700 | Answer | Answer
| Answer | Answer
| Answer | Answer
| Answer | Answer | |
Depreciation Expense | 0 | Answer
| Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Insurance Expense | 0 | Answer
| Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Maintenance Expense | 600 | Answer | Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Rent Expense | 1,500 | Answer | Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Salaries & Wages Expense | 1,200 | Answer | Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Telephone Expense | 700 | Answer | Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Travel Expense | 800 | Answer | Answer | Answer
| Answer | Answer
| Answer | Answer | Answer | |
Total | 18,400 | 18,400 | Answer
| Answer
| Answer
| Answer
| Answer
| Answer
| Answer
| Answer
|
Net Income | Answer | Answer | Answer | Answer | Answer
| Answer | Answer | Answer
| ||
Total |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started